ComplaintsforLoan Factory

• Initial Complaint

  01/07/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Answered

  More info

  Loan Factory - *** Team managed by ***** ****** - Date of the transaction: scheduled closing on 12/30. On 12/28 at 6:12pm CDT, his team emailed me saying "ask seller for extension" and blame on me for submitting proof of funding late. - ***** emailed us saying we are not 1st time home buyers. We are supposed to know of the delay of closing because we sent them proof of funding on Mon & Tues 12/27,28. He said his team always communicated that there will be delayed of closing. That is incorrect. None of emails/phone call records from the past 30 days showed that they communicated to me about the timeline and possible delays. No apologies from his end. - The tricky part is we put $10,000 earnest money. If the seller does not agree to extend the closing, we lose 100% earnest money. On Monday 12/27, we (seller's agent, my realtor, and myself) all check with *****'s team and they said everything is good to go. They made a big mistake of not managing the process/timeline well and blame that on me, the buyer. They also said his team communicated about the delay on the phone but not able to provide any proof. I've got the proof of his team never mentioned about the delay to us; or told us if we don't send our final documents by a specific date, the closing would be delayed.

  Business response

  02/01/2023

  Business Response /* (1000, 10, 2022/08/04) */ We asked for documents and they didn't give us documents because they were on vacation and they expected that they sent in the documents that we should be able to close in 2 days. She blamed my loan processor that because we didn't give her a "deadline" on when documents needed that to be turned in that she is using that against us. We have record of my processor emailing and texting the borrower's husband multiple times before they were on vacation. Consumer Response /* (3000, 12, 2022/08/09) */ (The consumer indicated he/she DID NOT accept the response from the business.) The business keeps telling lies that they communicated to us over the phone and text. They should have that record of phone calls or texts to their customers. Our own records had nothing they mentioned about the deadline. They confirmed to us that if we sent our document after our vacation, we are still good to close on time. I will attach snapshot of emails here. I would request the business to provide their records of communication to us about the timeline, about the delay if we can't send our document by certain deadlines, records of phone calls and texts to us to communicate during the time frame prior to closing. They need to own their mistakes and stop telling lies. Thank you. Business Response /* (4000, 14, 2022/08/18) */ We have been in contact with with the borrowers many times during the loan process. We asked for the documents needed and they did not send us the documents before they left for their vacation. When they came back from vacation there was only a couple of days left before their closing date which was between Christmas and New Years week. I conference call with the seller's agent and buyer's agent explaining how we received the documents only 2 days before closing and then with the holidays there is extended turnaround time for the underwriter to approve the loan. The seller's agent and the buyer's agent understood and agreed to extend the closing a few days after the original closing date. Consumer Response /* (4200, 16, 2022/08/19) */ (The consumer indicated he/she DID NOT accept the response from the business.) Again, who ever involved in providing responses from the business has to provide us with the solid proof of commmunications throughout the process. I am not sold by their most recent response still; no proof was provided to prove that it was not their mis-communication. My previous mortgage company was multiple time able to close on time when we submitted our last document one or two days prior to closing. If they were not able to do so, they have to clearly set the expectation to all borrowers. For example, this date is the deadline to submit your documents in order to close on time. They never communicated as such to us. They never even tried to make us aware of possible delay before and after we sent them last piece of required paperwork. After we sent them the last required paperwork, My husband had to even send them a separate email after that to ask "are we good to go". Until then, this team responded at 6pm asking for extension. Even after we submitted all the paperwork, they never had told us of the delay until we asked, and it was two days before closing. They never admitted they missed the communication but kept pointing at the emails and texts w/o providing snapshot or records of those. I provided *** with all the emails between us; please review and let me know when the communication about "If borrowers send it late after certain date, closing will be delayed" or similarly. None communication was done; and you can't expect borrowers to know when would be the deadline on your end that you can't proceed on time. You, the company, has to be responsible for telling us your timeline.

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